Nonfarm payroll data does not pressure interest rate cuts; US bond yields fall instead of rising

Despite higher-than-expected U.S. nonfarm payroll growth and former President Trump dismissing the renewed escalation of tensions with Iran as "no big deal," U.S. Treasury yields still declined. The unemployment rate remained flat at 4.3%, posing no pressure on the Federal Reserve to cut interest rates. However, wage growth came in below expectations, moving in the opposite direction to the employment data, offering potential relief for inflation. This trend continued after the data release. The 10-year Treasury yield stood at 4.374%, lower than yesterday's 4.393%; the 2-year Treasury yield fell from 3.918% to 3.899%. (Jin Shi)